Business
Perdoceo Education Corporation Reports Fourth Quarter and Full Year 2021 Results
SCHAUMBURG, Ill.--(BUSINESS WIRE)-- Perdoceo Education Corporation (NASDAQ: PRDO) today reported operating and financial results for the quarter and year
About this update from Perdoceo Education Corporation
[{"type":"text","content":" SCHAUMBURG, Ill.--(BUSINESS WIRE)--\nPerdoceo Education Corporation (NASDAQ: PRDO) today reported operating and financial results for the quarter and year ended December 31, 2021.\n\nFull Year 2021 Results as Compared to Prior Year\n\n\nRevenue increased 0.8 percent to $693.0 million, with both CTU and the AIU System contributing to the growth.\n\n\nOperating income increased 4.3 percent to $149.0 million while adjusted operating income increased 10.4 percent to $175.5 million.*\n\n\nEarnings per diluted share was $1.55 as compared to $1.74 while adjusted earnings per diluted share was $1.70 as compared to $1.56.*\n\n\nTotal student enrollments at December 31, 2021 decreased by 5.4 percent, with CTU experiencing a 0.4 percent increase that was offset by a 13.3 percent decrease within the AIU System. Total student enrollments at CTU were positively impacted by the academic calendar redesign.\n\n\nEnded the year with $499.4 million in cash, cash equivalents, restricted cash and available-for-sale-short-term investments.\n\n\nFourth Quarter 2021 Results as Compared to Prior Year Quarter\n\n\nRevenue decreased 6.6 percent to $159.9 million, primarily driven by a decrease in total student enrollments.\n\n\nOperating income decreased 4.5 percent to $34.6 million while adjusted operating income increased 1.7 percent to $42.0 million.*\n\n\nEarnings per diluted share was $0.35 as compared to $0.38 while adjusted earnings per diluted share was $0.40 for both periods.*\n\n\n*See GAAP (U.S. generally accepted accounting principles) to non-GAAP reconciliation attached to this press release\n\n“We are pleased with our operating performance in 2021. Our business performed well despite recent student engagement issues which we believe relate to the COVID-19 pandemic,” said Todd Nelson, Perdoceo’s Executive Chairman. “We are also pleased with the two acquisitions completed during 2021 which further broaden the academic offerings at our educational institutions.”\n\nAndrew Hurst, recently named as Perdoceo’s President and Chief Executive Officer, added, “Our strong management team remains focused on student experiences, retention and academic outcomes while continuing to leverage data analytics and technology to benefit our institutions.”\n\nREVENUE\n\n\nFor the quarter ended December 31, 2021, revenue of $159.9 million decreased 6.6 percent co...